Common use of Termination of Cause Clause in Contracts

Termination of Cause. Notwithstanding anything set forth in this Agreement to the contrary, the Company shall have the right to terminate the Executive's employment for Cause (as defined in this Section 6.1) at any time prior to the Termination Date, immediately upon notice to the Executive, which such notice shall state with reasonable specificity the grounds pursuant to which the Company has elected to terminate the Executive's employment for Cause. For the purposes of this Agreement, "Cause" shall mean (i) the willful and material breach or the willful and material failure by the Executive to perform his duties and obligations under this Agreement (including if by reason of habitual intoxication or addition to any controlled substance or other drug) which such willful and material breach or failure is not cured within a reasonable period of time after the Company has provided notice of such breach or failure to the Executive, (ii) the commission by the Executive of a material act of dishonesty in the performance of his duties hereunder (such as, for example, the willful misappropriation of funds or property of the Company), (iii) the Executive being convicted of a crime involving the Company, (iv) the Executive willfully violating any material provision of this Agreement, which such willful and material violation is not cured within a reasonable period of time after the Company has provided notice of such violation to the Executive, or (v) in the event the Executive has been convicted of any felony or any crime involving moral turpitude or dishonesty. Notices required to be provided by the Company to the Executive under this Section 6.1 shall state the specific nature of the alleged "Cause".